Zimbabwe News Update
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News / NationalMutapa injects US$40m to revive struggling parastatalsby Staff reporter2 hrs ago |117ViewsThe Mutapa Investment Fund (MIF) has released US$40 million to resuscitate struggling state-owned enterprises (SOEs) across Zimbabwe, in a renewed drive to restore efficiency and viability within key public institutions.Formerly known as the Sovereign Wealth Fund of Zimbabwe, the MIF was established under the Sovereign Wealth Fund Act (Chapter 22:20) to manage and invest national resources for long-term economic stability. Its capital base is derived from balance-of-payments surpluses, foreign currency operations, privatisation proceeds, fiscal savings, and natural resource revenues.Announcing the latest disbursement, Mutapa Fund CEO Dr.
John Mangudya said the funding represents a critical step in efforts to restructure and strengthen Zimbabwe’s public enterprises.”This funding is designed to enhance the performance of parastatals and align them with the national economic agenda,” said Dr. Mangudya. “Among the entities benefiting from this support are the Cold Storage Company (CSC), which recently emerged from corporate rescue, ZUPCO, Silo Foods, and the National Railways of Zimbabwe (NRZ), among others.”The Mutapa Fund has been central to the government’s broader state enterprise reform agenda, steering distressed companies toward recovery and improved governance.
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